Inflation-Hit Bolivia Plans New Currency
From Reuters
LA PAZ, Bolivia — The government will introduce a new currency on New Year’s Day that will chop six zeros off its current monetary unit, the peso.
The Congress Wednesday night approved legislation which will usher in the “Boliviano,” worth 1 million pesos, as the standard accounting unit on Jan. 1, 1987.
At the current rate of exchange, the Boliviano will be worth nearly 50 U.S. cents.
Inflation in Bolivia reached a peak of a 23,000% annual rate in September, 1985.
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